If yes, you’re probably in a financial pinch. Maybe you’ve recently lost your job or been subjected to pay cuts because of the COVID-19 pandemic. Or you’re in a healthcare emergency and you need to settle a hospital bill. Or perhaps your car just broke down and you need to get it fixed immediately.
Regardless of your circumstances, you’re searching for a cash advance in the right place. The number of companies offering online loans is on the rise, and they offer one unique advantage: speed.
However, it’s also easy to become a scam victim. There are thousands of fraudsters preying on unsuspecting loan seekers like you.
Don’t worry about that, though. In this article, we’re telling you how to get a cash advance loan safely.
Get Recommendations from Close Friends and Family
We get it.
When you’re looking to take out a cash advance loan, the last thing you want is your friends to know about it. There’s nothing embarrassing about taking out a loan, especially if you’re in an emergency.
If anything, your close friends could turn out to be the best resource for where to find online cash advance loans. If one of your friends has previously taken out a loan from an online company and they can vouch for their services, they’ll recommend it to you.
It’s much safer to take out a loan from an online company that has lent money to someone you know than approach a company you know nothing about it.
However, keep in mind that just because a friend has recommended an online provider doesn’t necessarily mean you should take out a loan from them. It’s possible that the company offers exorbitant loans. If you keep looking, you’ll certainly find a company that offers a lower interest rate.
Do an Online Search
If you aren’t able to get any recommendations from friends and family, your only option is to do an online search. A simple “online cash advance loan” search on your favorite search engine will return a page full of links to companies that offer such loans.
Here, you want to make a list of about 5 companies. This way, you can evaluate them one by one and improve your chances of finding the best lender.
Know the Red Flags of a Fraudulent Company
Searching for a cash advance company online exposes you to the risk of being scammed.
Fraudsters know that you’ll likely be searching for cash advance loans online, so they’ve created websites that look legitimate. After a victim lands on the fraudulent website, they might not be able to tell whether it’s legit or not.
This is why you need to know the telltale of signs of a fraudulent online lender. To help you, we’re fleshing out some of the most common red flags you should be on the lookout for:
The Website Doesn’t Inspire Confidence
More often than not, you can tell a fraudulent website by just looking at it.
Professional loan companies invest a lot of money and time into creating a website that has a professional look and feel. They know a great website is key to customer experience.
On the other hand, scammers have no such priorities. They don’t care about customer experience. As such, a fraudulent website is more likely to have a shoddy theme. You’ll probably find grammar errors or inconsistent information on the website.
Your browser will also signal that the website isn’t secure. If you go to the “contact us” page, you’ll not find any legitimate contact information. If there’s a phone number, call it. You might be surprised that’s it’s a dummy number.
The Loan Offer Sounds Too Good to Be True
Here’s the truth about online cash advance loans: they are expensive.
Often, companies will charge a high interest rate and you’ll be required to repay the loan within a short time, usually a month or two.
If you’re getting an offer that promises more money than you needed and the interest is lower than you expected, there’s probably more than meets the eye. Investigate further before committing yourself.
The Lender Is Asking You to Send a Processing Fee
This is how scammers make money. After luring a victim and making them an irresistible offer, they ask them to send in a processing fee or some other charge before the loan can be disbursed.
Fraudsters know you’re desperate and willing to do anything to get the loan. If you send them the money, you won’t hear from them again. This is when you’ll realize that you’ve been scammed.
So, if a lender is asking you to send anything out of the ordinary in order for the loan process to proceed, you’re probably dealing with a scammer.
Prepare Your Proof of Income
After finding a legitimate lender, it’s time to submit your application.
This is pretty straightforward. The only thing your lender will need from you is proof of identification and income.
If you’re formally employed, your pay stubs are sufficient proof of employment. If you’re not employed but have other sources of income, be ready to submit the relevant documents.
For example, if you’re receiving structured payments from an insurance company or expecting a settlement payment imminently, it’s possible to use them to secure advance loans.
Be Careful When Applying for Cash Advance Loans Online
Applying for cash advance loans online is an ideal way to get cash fast, especially when you’re in a financial emergency. However, scammers abound. If you’re not careful, you’ll be taken for a ride and lose money.
With this guide, though, you’re now in a better position to get an online cash advance loan safely.
All the best and keep reading our blog for more tips and insights.